BREAKING: Dow plunges more than 400 points after US hit new record high of daily coronavirus cases over the weekend
- Stocks plunged Monday morning after the nation hit a record number of daily coronavirus cases over the weekend
- The Dow Jones Industrial average traded 424 points lower, or more than 1%
- The S&P 500 slumped 1.1% and the Nasdaq Composite dipped 0.5%
- The nation reported more than 83,000 new infections on Friday and Saturday, surpassing the July record of 77,300 new daily cases
- Royal Caribbean saw shares fall 5.7% and Delta Airlines fell 2.8% Monday
Published: | Updated:
Stocks plunged Monday morning after the nation hit a record number of daily coronavirus cases over the weekend.
The Dow JONES Industrial average traded 424 points lower, or more than 1 percent on Monday. The S&P 500 slumped 1.1 percent and the Nasdaq Composite declined 0.5 percent.
The nation reported more than 83,000 new infections on Friday and Saturday, surpassing the July record of 77,300 new daily cases, according to data from Johns Hopkins University.
The Dow JONES Industrial average traded 400 points lower, or more than 1 percent. A view of the Dow Jones Average at 9.51am showing it 484 points lower above. The S&P 500 slumped 1.1 percent and the Nasdaq Composite declined 0.5 percent
The nation reported more than 83,000 new infections on Friday and Saturday, surpassing the July record of 77,300 new daily cases. A view of patients waiting in line outside a COVID-19 testing center in New York City above on October 7
Stocks that tumbled are ones greatly impacted by rising cases including Royal Caribbean, which saw shares fall 5.7 percent and Delta Airlines, which fell 2.8 percent.
Shares of American Express were down 2.8 percent and Boeing 2.6 percent, accounting for a 47-point drag on the Dow.
Microsoft shares dipped 0.8%. Oracle stock was down by 3.3 percent.
‘The market is likely to drift lower near term (first SPX support at 3,209) in the face of Stimulus disappointment … Virus resurgence, and intensifying Election uncertainty,’ Julian Emanuel, a strategist at BTIG, said to CNBC.
Global markets also took a hit on Monday with France’s CAC 40 falling more than 1 percent, the UK’s FTSE 100 down 0.2 percent and Japan’s Nikkei 225 down 0.1 percent.
This week marks a critical one for hundreds of companies as about a third of S&P 500 firms are set to report earnings over the next few days.
The staggering surge of virus cases led White House chief of staff Mark Meadows to say Sunday that the US will not get control of the pandemic.
Adding to virus concerns, hopes for a last minute stimulus deal before the election only dimmed over the weekend as Meadows and House Speaker Nancy Pelosi spoke in separate interviews accusing the other of bogging down stimulus talks.
Today more than 8million Americans have been infected with COVID-19 and there have been more than 225,000 fatalities.
The seven-day moving average of new daily cases stood at 68,767 after Sunday – the highest peak since late July and a 5.9 percent increase from the week before, according to the COVID Tracking Project.
A total of 481,372 new cases were added to the nation’s case count of more than 8.63 million between October 19 and 25 – a period which included two record-high days for new cases on Friday and Saturday, both exceeding 80,000.
Hospitalizations have also been rising across the country with more than 41,753 people admitted as of Sunday – up from 36,428 the Sunday before.
Twenty-eight states have reported their daily record high of COVID-19 cases in the month of October alone, fueling fears that the pandemic is accelerating anew as cooler weather takes hold in many parts of the country.
Seven states – Indiana, North Dakota, Montana, Oklahoma, Utah and Ohio – posted record single-day increases in new infections on Thursday, followed by records in 16 states on Friday.